I was looking at the USATF financials from 2016 and saw this:
Anyone know what lawsuit USATF was expected to settle on the losing side for $395,000 last year and not have insurance pick up the tab?
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And while we're at it can any accounting types explain how there is an asset on the books related to the commission USATF has to pay on its reported $500 million Nike sponsorship deal?
USATF has "Long-term Deferred Sponsorship Commision Expenses" of $20,977,564 as an asset on the books, and $20,625,000 as a "Long-Term Accrued Sponsorship Commission Expenses" on the books as a liability. I understand the liability part but not the asset part.
This tries to explain it but doesn't quite do it for me.
2016 books here:
Tax return here: